Krom, you ask why we are up 20%? Actually since the open on last Monday when the SP was at 10 cents, we are up a whopping 38%! This must have to do with Chad and Kenya, since no news on the JDZ/EEZ has been forthcoming. If you recall I predicted the SP would be 14-15 cents by the end of this week when the SP was 10 cents (a week ago). It takes quite a bit of balls to predict a 40%-50% increase in a two week period, but I felt the Chad/Kenya momentum starting to really kick in. And it finally has.
One must ask why would Peter N put a plan in place to spend $6 million on Chad and untold millions on Kenya utilizing a very large portion of the company's remaining cash. If a source of funding was not available wouldn't the company go bankrupt and Peter lose his fat salary? Peter MUST know something or he would not be doing this spending and cutting his own throat (pay check) or would he? He would be a fool to endanger his own job by implementing a plan that drains the company of most of its cash without knowing that more money will be coming in from somewhere. If there was no source of new money, wouldn't Peter preserve the present cash and not spent any money to assure his OWN salary for the next 5+ years? It make sense to me that Peter must know something about future finances.
The problem I have with Peter is his lack of communicating the source of funding. Peter may not be able to disclose this funding for business reasons, but it sure makes me worry as anyone can see the company is fast running out of cash as it meets it's financial obligations in Chad and Kenya. I do not want to guess about the funding and only hope Peter knows what he is doing. He is obviously a very intelligent man and recently has made deals for ERHC in Africa that will very likely produce oil and make money for the company. Krom, I too am changing my opinion of how competent Peter is. I know from Middys many posts on how Peter has screwed up in the past caused me to question Peter's abilities. However, his accomplishments in Chad and Kenya may save the company from all his past screw ups I still have my doubts, but I am beginning to have faith that everything will turn out okay.
Maybe my recent well reasoned posts will earn me some more member instead of most here ignoring me and considering me just a degenerate gambler.
Will anything good happen between now and the end of the extension (March 14, 2012) or will the share price continue to decline?
The post above is just my humble opinion and may be TOTALly wrong, however you may find some humor in it.
